Dogecoin: Is Robinhood an investment whale?
Who is the Dogecoin whale?
The Wall Street Journal reported back in February that there was one person — or business or entity — that owned 28% of all dogecoin out there at that time. The value of dogecoins at that moment would have made the investment worth $2.1 billion.
- That number is now worth $2.5 billion, according to MarketWatch.
- “It almost certainly belongs to Robinhood,” he said. “The timing of its creation, and the creation of the addresses that it received funds from, match the timing of Robinhood’s support of Dogecoin.”
- “Any coins that we hold are for the purposes of sort of providing access in holdings for our customers,” Tenev said, according to MarketWatch. “We don’t have significant positions in any of the coins that we keep on a proprietary basis or anything like that.”
The Dogecoin ‘whale’ theory, explained
A theory among investors suggested that there’s a single, wealthy investor — called a “whale” — who is suppressing the value of Dogecoin, as I wrote for the Deseret News.
- “DOGE investors on the forum are buying into the idea that one large whale is responsible for the price suppression theory,” according to InvestorPlace.
But then there’s the other side of the theory, which posits that the “whale” sell-off is actually just investors cashing out when Dogecoin reaches a high value, as I explained for the Deseret News.